SoundCloud’s CEO has issued a statement denying last week’s reports claiming the site had just enough money to last 50 days.

The company's co-founder and CEO Alex Ljung posted to SoundCloud’s blog on Friday, writing “there’s an insane amount of noise about SoundCloud in the world right now. And it’s just that, noise.”

He added: "The music you love on SoundCloud isn’t going away, the music you shared or uploaded isn’t going away, because SoundCloud is not going away. Not in 50 days, not in 80 days or anytime in the foreseeable future. Your music is safe.”

The speculation about the streaming platform came after it closed down its London office at the beginning of the month, laying off nearly 40 per cent of its staff by dismissing 173 employees.

A TechCrunch report said that, despite the layoffs, the company would only have enough money to last until the end of Q4. However, SoundCloud responded saying it was fully funded to go past Q4.

Ljung made it clear in his statement the company is here to stay. “Last week we had to make some tough decisions to let go of some of our staff, but we did this to ensure SoundCloud remains a strong, independent company.”